Union Bank of the Philippines entrusts FINARTIS’ Prospero 365 solution for Trust and Wealth Management activities
Fintech provider FINARTIS SA has added Union Bank of the Philippines (UnionBank)’s Wealth department to the community of users of its Prospero 365 solution for wealth management and fund administration. This comes two years after successfully implementing Prospero for the Trust department of UnionBank.
FINARTIS will provide the bank’s Wealth department with a highly automated platform integrating all front- to-back processes on multiple asset classes. The solution will allow UnionBank to provide tailored services to their high net worth (HNW) clients with advanced risk monitoring of their portfolios. Clients will be given anytime-anywhere digital access to their portfolios via digital wealth management portal and mobile application.
“With numerous technological advancements and tighter regulations setting the scene of the wealth management industry today, local banks are compelled to not only enhance their level and speed of service but also to have solid risk mitigation processes in place,” said Kimberly Espiritu, Regional Sales Manager at FINARTIS. “Foreign banks expanding their local footprint across wealth management and private banking also increases the competition in this dynamic landscape. UnionBank can continue relying on our smart technology to manage complex financial operations in the most cost-effective and efficient way that also benefits from a unique combination of Swiss Wealth Management expertise and Philippine local presence.”
“We chose to partner with FINARTIS again after a careful selection process for our Private Bankers in terms of mobility, user experience, extensiveness and caliber of service. Since our Trust Banking Group was already using Prospero 365, we found it a natural extension for our Private Banking Business,” said Jose Emmanuel U. Hilado, CFO, Treasurer and Senior Executive Vice President at UnionBank. “This project with FINARTIS is in line with UnionBank’s digital transformation efforts to achieve operational excellence by automating compliance rules and processing transactions in true straight-through-process while still allowing flexibility to tailor-fit our services for our HNW clients.”
“FINARTIS is delighted to work with UnionBank. A quick time to market is very important to the bank and thanks to our ready-to-use wealth management solution, we can achieve a successful go-live in line with the bank’s objectives. FINARTIS can leverage both its global delivery capabilities and local team to ensure they reach this objective. We are confident that Prospero will offer the bank a significant competitive advantage,” said Jean-Luc Freymond, Chairman and CEO at FINARTIS.
About Union Bank of the Philippines – www.unionbankph.com
UnionBank stands out for its strategy, execution and performance. While many banks are going for size and market share through large balance sheets, UnionBank has followed a highly focused differentiation strategy that emphasizes on innovation and service with a clear technological bias. It has championed e-commerce in the Philippines and achieved success in B2B and B2G, creating electronic communities for multinational and domestic corporations and key government institutions. In 2004, the bank achieved a breakthrough in B2C through its eCard for 1.4 million members of the Government Service Insurance System.
The bank is continuously cited as among the best banks in the Philippines and Asia by international financial publications like The Asian Banker Journal, Euromoney and Asiamoney.
UnionBank’s common stock is listed on the Philippine Stock Exchange and trades under the symbol UBP.
About FINARTIS – www.finartis.com
FINARTIS previously operated under the name of SAGE which was founded in 1986 as a service company doing bespoke software developments in Switzerland. Financial organizations implement FINARTIS’s solutions to be able to serve their customers better, leading to better client retention and improved margins. FINARTIS’s out-of-the-box digitally-enhanced client relationship solutions can be implemented fast and help improve front office productivity to bring more value-added services to its clients who have been able to reach middle- and back-office operations excellence through intelligent, automated straight-through-processes.
FINARTIS’s main product, Prospero, is an integrated suite of financial applications dedicated to Wealth Management and Fund Management.